(CNN) Airbnb is moving ahead with plans to go public just months after the pandemic upended the travel industry and forced the startup to lay off a quarter of its workforce. On Wednesday, Airbnb announced it had submitted confidential paperwork with the US Securities and Exchange Commission for an initial public offering. Founded in 2008, Airbnb upended the hotel industry by allowing individuals to rent out rooms in their homes for travelers. Airbnb previously said it was profitable in 2017 and 2018, setting it apart from many other unicorn companies who have bled money before and after going public. He also announced that Airbnb would let go nearly 1,900 employees worldwide.

Source: CNN August 19, 2020 20:48 UTC